Fox Corporation 10-Q filed May 12, 2025

Modified · split · For the three months ended March 31, 2025 and 2024

The Company’s revenues increased $1.2 billion924 million or 1627% for the sixthree months ended DecemberMarch 31, 20242025, as compared to the corresponding period of fiscal 2024, due to higher affiliate fee, advertising and other revenues. The increase of $21667 million or 63% in affiliate fee revenue was primarily due to the impact of higher average rates per subscriber and higher fees received from television stations that are affiliated with the FOX Network of approximately $435 million, partially offset by the approximately $220 million impact of a lower average number of subscribers across all networks. Advertising revenue, which includes approximately $400 million of political advertising revenue recognized during the six months ended December 31, 2024 due to the 2024 presidential and congressional elections, increased $549 million or 17% primarily due to the impact of political advertising revenue predominantly at the Company’s owned and operated television stations, continued digital growth led by the Tubi AVOD service and higher news ratings and pricing. Also contributing to this increase was the approximately $100 million impact primarily due to sports programming led by higher MLB postseason ratings, higher NFL pricing and the mix of fiscal 2024 and 2025 broadcasts of soccer tournaments. The increase of $436 million or 61% in other revenues was primarily due to higher sports sublicensing revenue.